According to the latest reports, Ferrari has offered Sebastian Vettel another contract extension. News from the rumor mill suggests Mattia Binotto informed Seb of Ferrari’s latest offering. Despite all the rumors, neither Ferrari nor Vettel has confirmed or provided any updates on their respective decisions.

Sebastian Vettel and Ferrari continue to play ping-pong over contracts

For those unaware, Sebastian Vettel’s contract with the Maranello outfit expires at the end of this season. The 4 times World Champion is entering his sixth season with Ferrari in 2020.

Despite being third on Ferrari’s race wins list, Vettel’s campaign with the Scuderia hasn’t been very successful. The German driver joined the Italian team with the hopes of ending a long wait for Championship glory. Sadly, the wait continues for Seb and Ferrari.

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Nevertheless, Ferrari has a very good reason to hang onto Vettel for a multitude of reasons. He brings a wealth of experience and stability, attributes that are important to Ferrari at this moment. Earlier, the rumor mill reported that Ferrari offered the German driver a one-year extension with reduced pay.

Apparently, the 4 times World Champion rejected the deal on multiple grounds. If reports are believed to be true, Vettel’s current salary with Ferrari stands at a whopping $30M annually. Vettel is one of the highest-earning drivers on the grid, only second to Lewis Hamilton at Mercedes. Allegedly, Vettel is seeking a multi-year contract with pay that’s somewhere close to the threshold he’s used to.

Will Ferrari cave into Seb’s demands?

F1-Insider reports that Ferrari has offered Vettel a restructured deal. Apparently, the Scuderia’s newest offering is a multi-year contract – for at least 2 seasons, but with reduced pay. Ferrari is citing the financial crunch caused by Coronavirus as a reason for the steep salary cut. Nevertheless, It’ll be interesting to see how the German responds to the newer deal.

Seb has declared in the past that money doesn’t drive him. The 4 times World Champion revealed that he prioritized “happiness over money” for his next contract. However, a salary that’s too low could force Vettel to look elsewhere, because let’s face it, Ferrari is in shambles at the moment.

From Ferrari’s point of view, if talks stall and both parties fail to reach common ground, they can always look elsewhere. It’s highly unlikely for even the most loyal F1 driver to pass up an opportunity to drive for Ferrari.